UP govt planning to ban PFI: Report

Mumbai, Mar 29: Virologist Minal Dakhave Bhosale led from the front to create India's first coronavirus testing kit even when she was in the last stage of her pregnancy.

Bhosale's efforts paid the price with her team delivering the testing kit in a record time of six weeks.

Bhosale gave birth to a baby girl just a day before submitting the kit to the authorities for evaluation.

"It was like giving birth to two babies," Bhosale told PTI over the phone.

The virologist said both the journeys - that happened in parallel - were not without challenges.

"There were complications in the pregnancy while work on the test kit was on. The baby was delivered through cesarean," she said.

Bhosale said she felt that it was the right time to serve the people to help them in combating the coronavirus threat.

"I had been working for five years in this field and if I don't work in emergency situations when my services are needed the most, then what is the use?" she said.

Though Bhosale was not able to visit the office due to the pregnancy, she was guiding a team of 10 persons working on the project at Mylab Discovery in Pune.

The strong bonds forged with the team over the years and their support made it possible, she said.

Company's co-founder Shrikant Patole said just like drug discovery, test kits too go through a lot of quality checks to improve the precision.

He credited Bhosale for the success of the project.

The COVID-19 testing kit delivered by Bhosale's team will reduce the time taken for delivering a result to 2.5 hours from the prevalent practice of eight hours.

A pioneering approach to testing without compromising on the results was adopted, Bhosale said.

The Maylab test kit will cost Rs1,200, a quarter of Rs 4,500 per kit that the government has been spending on testing so far.

"I'm happy that I could do something for the country," Bhosale said.

As of Friday, only 27,000 of the 1.3 billion people were tested for the virus in the country.

According to experts, high scale testing is essential because it alone can ensure an early diagnosis of COVID-19 and lower down the fatalities.

The company is confident of ramping up the capacity at its plant in Lonavala to deliver 100,000 kits a week, Patole said.

He said the authorities are helping the company, including giving priority for shipping of the raw materials.

Mar 21: India’s economy, already in the grip of a slowdown, is in for more pain after Prime Minister Narendra Modi appealed to citizens to stay at and work from home to curb the coronavirus outbreak.

The services sector, which accounts for about 55% of India’s gross domestic product, is poised to be the worst hit after Modi, in a late evening address on Thursday, urged citizens to go on a self-imposed curfew for a day and private companies to allow employees to work from home for longer. In the country’s vast informal sector, social-distancing measures could mean a dent to productivity and consumption because of job or pay losses.

“The impact of a partial lock-down or social distancing will be significant,” said Rahul Bajoria, a senior economist at Barclays Plc in Mumbai. “If there’s a widespread community outbreak, GDP could fall as low as 3.5% in the year starting April 1.”

Shrinking output may limit growth in an economy that’s already set to expand at an 11-year low of 5% in the current year to March 31. Before the virus outbreak, India had forecast growth to recover to 6%-6.5% in the next fiscal year. S&P Global Ratings and Fitch Ratings have already slashed their growth forecast by 50 basis points.

“The current social-distancing measures will severely impact airlines, hotels, malls, multiplexes, restaurants and retailers,” according to analysts at Crisil Ltd., the local unit of S&P Global. “Lower footfalls and occupancies, decline in business volume and sub-optimal operating efficiencies will impact cash flows of companies in these sectors,” wrote the analysts led by Chief Economist Dharmakirti Joshi.

The government will try to announce a relief package for virus-affected sectors as early as possible, Finance Minister Nirmala Sitharaman said Friday.

In a televised address, Modi advised all citizens to stay at home for a day on March 22, as he sought to stem the spread of the coronavirus -- cases of which are relatively low in India at about 200, compared with more than 200,000 infected people globally. His government also barred incoming flights for a week from that day, joining a growing list of countries effectively sealing their borders.

What Bloomberg’s Economists Say

We had only earlier this week lowered our GDP outlook to consider the direct impact of the local outbreak as confirmed virus cases exceeded 100 as of March 15 and the federal and state governments announced social distancing measures that have already started to crimp economic activity. We are now revising down our GDP estimate for 4Q fiscal 2020 to 3.3%, from our 3.5%.

-- Abhishek Gupta, India economist

For more, click here

“Consumption being the biggest component of GDP, a lock-down is bound to have a big impact on the economy,” said Devendra Kumar Pant, chief economist at India Ratings and Research, the local unit of Fitch. “Modeling uncertainty in any system will be very difficult, but one can say the slowdown could deepen or prolong further.”

Work From Home

While companies, including billionaire Mukesh Ambani-controlled Reliance Industries Ltd., are asking employees to work from home, the option isn’t feasible in India’s vast informal sector.

“The option to work remotely simply won’t exist for most,” said Shilan Shah, an economist with Capital Economics Pte. in Singapore.

As many households don’t have savings buffers, the government would probably have to back this up with large-scale cash handouts that reach the poorest, he said.

Work from home is posing implementation challenges for the manufacturing sector where workers are required to be physically present at the production sites. The services sector, such as banking and information technology, also needs employees to be present in offices as confidential data is used, according to industry group Federation of Indian Chambers of Commerce and Industry.

New Delhi, Apr 19: With 1,334 fresh cases of coronavirus reported in the last 24 hours, the total number of confirmed cases of COVID-19 in India has reached 15,712 including 507 deaths, said Lav Aggarwal, Joint Secretary, Health and Family Welfare, here on Sunday.

As many as 2,231 people have recovered from the disease so far, said Aggarwal during the daily media briefing on the coronavirus. "This equals 14.1 per cent of the total cases," he added.

"A total of 15,712 confirmed cases have been reported in India including 507 deaths and 2,231 people, who were COVID-19 positive, have recovered. Out of the total deaths, 27 deaths have been reported in the last 24 hours," said Aggarwal.

The Joint Secretary said that no new case was reported in Mahe in Puducherry and Karnataka's Kodagu in the last 28 days.

"A total of 54 other districts beside these two in 23 States/Union Territories did not report any cases in the last 14 days," he said.

He informed that there are 755 dedicated COVID-19 hospitals and 1,389 dedicated health care centres in the country, which takes the total dedicated facilities where severe or critical patients can be treated to 2,144.